I would like you to ask your self if you have any extra income after you pay your mortgage payments, taxes, insurance, car payment, and all your credit cards and then your utilities? If you answered No! I would read on and look at how you can reduce your monthly obligations and start to save some money in the New TSFA account or a RRSP.
Equity in your home can turn
these high interest rates into one low rate. How? Typically,
credit cards themselves have anywhere from 9% - 22% interest attached
to a balance that you carry.
Here’s something to think about
– mortgage rates are at an all time low because of the recession and the consumer debt is high and so are the rates we are paying for credit cards and car payments etc.
What you have to do is look at your home and get the current evaluation from a Realtor. Then you can look at your current tax assessment. Once you have the estimated amount that your house is worth then we have to see if it is worth your while to payout existing mortgage or mortgages on your property. We have to look at the payout penalties that you may have if you payout early at your current lender. Under the insurers CMHC and Ge they will refinance up to 85% if you have a beacon score of 650 and the maximum additional funds is $150,000. On refinancing of 85% loan to value the maximum additional funds is $200,000. You may qualify for blend and extend, but that is for Canquest to figure out for you.
Canquest will review your financial situation and what you presently are paying and what you would be paying if you were to refinance. Sometimes refinancing will not be worth your while if the equity is not in your property and if you have too much debt to payout and you can not do a complete consolidation . In that case you would want to take out your higher paying interest debt first and then leave the lower ones alone.
Example - CanQuest has help many clients each month
to leverage the equity in your home to consolidate the debt and
lower their overall payments. The following is an example of how
you are able to save each month by refinancing and using your
equity in your home to lower your monthly payment and increase
your cash flow.
| Before Debt Consolidation |
| Property Value |
$190,000 |
| Mortgage Balance |
$130,000 |
| Interest Rate |
6.5% |
| Term Remaining |
5 years |
|
| After Debt Consolidation |
| Property Value |
$190,000 |
| Mortgage Balance |
$150,000 |
| Interest Rate |
4.5% |
| Term Remaining |
5 years |
|
| |
|
| Monthly Payments |
| Credit Cards $8,000 |
$250.00 |
| Other debts $12,000 |
$298.00 |
| Mortgage Payments |
$870.77 |
| Total Payments |
$1,418.77 |
|
| New Monthly Payments |
| Credit Cards $8000 |
$0 |
| Other debts $12,000 |
$0 |
| One Mortgage Payment |
$830.21 |
| Total Savings |
$588.56 |
|
When you are looking at this example you will see that by putting
all your payments together and refinancing your mortgage you would
have a new mortgage with a lower monthly payment and it would
include all of your indebtedness which increases your cash flow
by $588.56/month. You can use the difference as a automatic debt into a TSFA account or an rrsp investments which will give you a cushion if you are ever in need of extra cash and it also saves for your retirement plan.
In order to take advantage of this program you must own a home
and you must leave at least 5% equity in your home. If you want
to use all your equity there is one company will look at 100% refinancing
who is self insured lender. The rates and fees are higher and the premiums are higher as well. .
APPLY
NOW |
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"A big thank-you to Karen Loehndorf of Canquest Mortgage Inc. without her we would not have been able to obtain our mortgage. Our unique circumstances made obtaining an approval challenging.
Karen appears however to thrive on challenges and when she took up our challenge she exceeded our expectation in ways we could not even imagine. Her advice was timely and her suggestions helpful, a true professional in every aspect of the word and a credit to her profession.
Karen demonstrated professionalism and determination every step of the way and made the process seamless. Our information was handled with care and confidentiality. Above all else Karen provided us with a peace of mind solution that went well beyond what we had anticipated and because of her we would have no hesitation in recommending Karen and her services."
- Glenn,
Sr. Pastor Lethbridge |
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